Europe’s benchmark natural gas price jumped by 2% at opening in Amsterdam on Monday, extending the 7% weekly gain from last week, as concerns mount that the gas withdrawal season has started amid no signs that Qatar’s LNG flows would return anytime soon.
The front-month price at the Dutch Title Transfer Facility (TTF), the benchmark for Europe’s gas trading, rose by 2.1% to as much as $107.40 (95.73 euros) per megawatt-hour (MWh) early on Monday, reaching its highest level since 2022.
The European natural gas price is now at its highest levels since the autumn of 2022, when Europe faced the first winter without most of the Russian pipeline gas supply. The current price is also equivalent to more than $30 per million British thermal units (MMBtu).
The TTF price rallied by 7% last week as several EU countries began withdrawing gas from storage amid lower temperatures.
EU storage sites were only 74.62% full as of October 25, per data from Gas Infrastructure Europe. That’s well below the five-year average of about 86% for this time of the year so close to the start of the heating season.
Join the Conversation
VIP members get the ability to comment on articles.